In short: Australia’s big four banks loaned $3.6 billion to fossil fuel companies and their projects in 2023, analysis has shown. Projects financed include Woodside’s Scarborough operations, Santos’ gas fields in the NT and pipelines planned for the fracking of the Beetaloo Basin. What’s next? CommBank and ANZ have emphasised their renewable investments as well...
Tag: Commonwealth Bank
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How 1-cent transactions are being used to deliver abusive messages
In short: An ongoing Commonwealth Bank pilot tackling financial abuse has identified strong enough cases to refer to police. The bank said people transfer low-value amounts with threatening messages in the description to current or former partners. What’s next? A parliamentary committee will inquire into the role of banks in preventing financial abuse in Australia. Major banking...
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Big four banks warn first rate cut won’t come until November, as ‘incredibly strong’ migration makes the RBA’s task ‘more difficult’
In short: The economics teams at Australia’s ‘Big Four’ banks all expect the Reserve Bank to cut interest rates in November, rather than September. They say last week’s surprisingly strong inflation data show inflation is ‘stickier’ than anticipated. But extremely weak retail sales in March show households are under pressure, while strong population growth is complicating the RBA’s...